The Russian ruble held steady at nearly 91 rubles to the dollar today, helped largely by higher oil prices.
Specifically, on the afternoon of February 13, the ruble increased by 0.1% against the USD to 91.22 rubles/USD. The Russian currency also increased by 0.1% against the CNY to 12.59 rubles per CNY.
Brent crude oil prices rose 0.4% to $82.32 a barrel in the same session and approached the highest level since late January 2024.
In the coming days, the ruble will start to be supported by the tax period, when exporters convert foreign currency earnings to pay domestic debts, said Alexei Antonov, an expert at investment brokerage Alor Broker.
Russia's Finance Ministry resumed foreign currency purchases instead of sales in February 2024, slightly reducing the government's total daily foreign currency sales and reducing some support for the ruble.
However, the possibility that the government will extend capital controls beyond April 30 could support the ruble. The current measures require exporters to convert foreign currency earnings into local currency.